Cookson Peirce & Co. Inc. Sells 19,340 Shares of Devon Energy Corporation $DVN

Cookson Peirce & Co. Inc. lowered its position in shares of Devon Energy Corporation (NYSE:DVN) by 64.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,699 shares of the energy company’s stock after selling 19,340 shares during the period. Cookson Peirce & Co. Inc.’s holdings in Devon Energy were worth $442,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in DVN. BlackRock Inc. grew its stake in shares of Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after purchasing an additional 34,871,366 shares during the last quarter. Wellington Management Group LLP raised its position in Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after purchasing an additional 41,581,435 shares during the last quarter. State Street Corp raised its position in Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after purchasing an additional 212,074 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after buying an additional 186,743 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after buying an additional 2,071,021 shares during the period. Institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.58% of the company’s stock.

Devon Energy Trading Up 0.1%

NYSE DVN opened at $47.42 on Monday. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The stock’s fifty day moving average price is $44.19 and its 200-day moving average price is $45.64. The stock has a market cap of $52.16 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same period in the previous year, the company earned $0.84 earnings per share. The business’s revenue for the quarter was up 73.1% compared to the same quarter last year. As a group, equities analysts forecast that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a report on Wednesday, June 10th. Jefferies Financial Group upped their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Truist Financial raised their target price on shares of Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company cut their target price on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Finally, Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an “outperform” rating in a research report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $59.15.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.